Truist Financial (NYSE:TFC) Price Target Raised to $60.00

Truist Financial (NYSE:TFC) had its target price hoisted by TD Cowen from $59.00 to $60.00 in a research report report published on Thursday,Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

Several other research analysts have also issued reports on TFC. Evercore ISI upgraded shares of Truist Financial from a “hold” rating to an “outperform” rating and lifted their price target for the stock from $49.00 to $58.00 in a research report on Tuesday, January 6th. Keefe, Bruyette & Woods raised their price objective on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Robert W. Baird lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a report on Monday, December 29th. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $54.20.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $49.57 on Thursday. Truist Financial has a 52 week low of $33.56 and a 52 week high of $51.51. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock has a market cap of $63.41 billion, a PE ratio of 13.01, a price-to-earnings-growth ratio of 0.84 and a beta of 0.89. The company’s 50-day moving average price is $48.75 and its two-hundred day moving average price is $46.18.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.09). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same period in the prior year, the firm earned $0.91 EPS. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Truist Financial will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s dividend payout ratio (DPR) is 54.59%.

Truist Financial declared that its Board of Directors has authorized a share repurchase plan on Tuesday, December 16th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the sale, the director directly owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This represents a 33.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

A number of large investors have recently made changes to their positions in TFC. Alliance Wealth Advisors LLC raised its position in Truist Financial by 1.8% during the fourth quarter. Alliance Wealth Advisors LLC now owns 11,298 shares of the insurance provider’s stock valued at $556,000 after acquiring an additional 205 shares in the last quarter. Aspiriant LLC grew its position in Truist Financial by 2.3% in the fourth quarter. Aspiriant LLC now owns 9,721 shares of the insurance provider’s stock worth $478,000 after acquiring an additional 219 shares in the last quarter. Aprio Wealth Management LLC increased its stake in shares of Truist Financial by 2.7% during the 3rd quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider’s stock worth $392,000 after purchasing an additional 226 shares during the last quarter. Keystone Financial Group Inc. raised its holdings in shares of Truist Financial by 1.1% during the 4th quarter. Keystone Financial Group Inc. now owns 21,739 shares of the insurance provider’s stock valued at $1,070,000 after purchasing an additional 227 shares in the last quarter. Finally, Maseco LLP lifted its stake in shares of Truist Financial by 53.8% in the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 228 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.